In the current business environment, securing the best F&B operators within your project, development or institution, can be challenging. This may be compounded, by shifting operator demands, (complicated lease conditions, staged incentives, abatement clauses, etc) and a new expectation of rental revenue models, what is the rental return that can realistically be achieved?

Building Loyalty and Maximising Sales by leveraging unique Points of Difference (PODs)

Maintaining a loyal and diverse customer base has never been more important in a time when most consumers are scrutinising how and where they spend their disposable income. In the last six months priorities and spending habits have shifted for consumers, while some customer segments have continued to purchase, in one form or another, there will also be a need to re-establish or reconnect with others in order to begin the journey back to previous levels of revenue and eventual profitability.

The craft beverage movement has been building significant momentum over the past 10 years and has subsequently reshaped the liquor industry as we know it. With craft brewing, small scale local distilleries and small batch wine production capturing greater market share year on year, we are seeing a shift in the market towards quality over quantity and experiential over mainstream.

Retail Relationships Rewarding Foodies

As we witness the gradual relaxing of restrictions placed on food operators state by state and an uncertain return to trading, one thing is certain – the Food & Hospitality will inevitably recover. In fact, the latest credit card data from both the ANZ and CBA shows that spending on F&B is coming up from its lows.

People are social creatures by nature, with hospitality ingrained in our way of life - albeit it to differing degrees from person to person granted! Moreover, there is still a considerable amount of latent demand: Pre-COVID levels of demand for F&B were not a fad as consumers’ interaction with Hospitality is a practice that has been building over the last two decades.

We live in a digital era where we are all critics. Social media and the Internet, in general, drive our ability to offload our opinions on every element in our lives. Food is a major part of this because our exposure to food globally has dramatically changed. We can view the latest trends from around the world while sitting on our couches. All businesses, but especially F&B operators, need to adapt to this new normal and recognise that their presence cannot just be confined to within their four walls.

Use social media but use it tastefully. The key to remember is that the online personality of your business has to match both the in-store experience and the profile of your customers. Use digital communications to draw customers in and then deliver the best. Represent who you are and what you have to deliver. Above all, be genuine and be real.

Determining a hospitality strategy that maximises food and hospitality revenue is the goal that many of our clients wish to resolve when they partner with Future Food. However, in order to do that we must first understand the size of the project’s food and hospitality revenue potential and then the important part – aligning that available spending with the need states and aspirations of their target market(s) in order to maximise the potential for the project.

The sustainability of any restaurant or F&B business is always dependant on meeting the needs of the intended target market and remaining relevant to those customer segments with authentic food and a range of promotions, offers and experiences that encourage repeat patronage. Although COVID-19 virus is extreme business interruption and thankfully not an everyday event, it does demonstrate how an external event can devastate a business or sector of hospitality reliant on a narrow target market focus. The everyday trading lesson is for restauranteurs and F&B operators to boost the sustainability of the business with active, customised and well communicated promotions, offers and experiences, expanding the target market base to create a more sustainable revenue base.

Will Guidara, one of the owners of Eleven Madison Avenue in New York, has been quoted as saying that it’s “compassion and passion [that] gives a fantastic dining experience.”

As every successful restaurateur will tell you, passion is the reason that they started their venture in the first place. It’s what continues to drive their activities. But passion alone can only take you so far.

Jay Rayner, the UK food critic, has recently written that he, “does not regard the table primarily as a place of nutrition. That’s just something which, happily, comes with the territory. It’s a place of joy.”

From your children’s tuck-shop to the executive offices of Australia’s top corporate companies, from the footy ground (finals fever! whichever code you support) to the most remote places in Australia there is only one thing in common – the commercial caterer.

Now before you think we are taking a shot at our American friends, I assure you we are not. We talk a lot about Hospitality here at Future Food, so it is interesting to note that what we think it means is not a universal definition.

So far, 2018 has been the year of the fresh food market for Future Food. With a number of projects in the pipeline as well as a number recently completed including the Adelaide Central Market and Box Hill Central, we are seeing strong growth in this hospitality sector. The growth is sparking interest in market management and developers around the globe to reposition and reinvigorate existing markets to ride this growth or include market concepts in the masterplans of future developments. 

We are seeing the emergence of mindfulness programs, health checks, exercise promotions and social programs to promote wellness for staff members but the one we want to focus on is food - the enabling of good food choices and providing hospitality through a well-planned food and beverage strategy that keeps your employees not only nourished but also satisfied and happy. Here are the three main ways a curated hospitality strategy for your arts, cultural or education institution can promote productivity and keep your employee’s happy.